Purchase Order, Inventory Management, QuickBooks API and 100+ apps
Choose business apps. Launch minutes. Tailor your ERP system instantly without any development.
Enterprise glossary and term center
Research and understand all the intricate terms and definitions that surround the ecosystem of enterprise resource planning (ERP), enterprise software and no-code tools.
- Enterprise terms
- First In First Out
- How do you do first in first out?
First In First Out - How do you do first in first out?
To calculate FIFO (First-In, First Out) determine the cost of your oldest inventory and multiply that cost by the amount of inventory sold, whereas to calculate LIFO (Last-in, First-Out) determine the cost of your most recent inventory and multiply it by the amount of inventory sold.
